Canada's main stock index scaled a record high on Friday, aided by strength in financial stocks and a slew of upbeat corporate earnings, putting the benchmark index on course for a weekly gain.
At 9:44 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 91.27 points, or 0.43%, at 21,433.4.
Financials, which account for about 30% of the Toronto market's value, gained 0.8% after Canada's financial regulator said the country's banks and insurers can resume dividend hikes, share buybacks and increase executive compensation, lifting a moratorium it has imposed on them since March 2020.
Meanwhile, sentiment was further lifted by upbeat corporate earnings by luxury goods makers Canada Goose Holdings Inc and pipeline operator Enbridge Inc both up 14.6% and 1.9% respectively.
The Canadian equity index was on track to post a weekly gain of 1.5%, rebounding from a 0.8% fall in the prior week, as investor sentiment was bolstered by strong corporate earnings and stronger commodity prices.
On the economic front, the Canadian economy added a net 31,200 jobs in October, fewer than expected, and the jobless rate slipped to 6.7%, the lowest since the COVID-19 pandemic started, Statistics Canada data indicated.
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"Industry was expecting a bit of a slowdown, and that's okay. I think the previous months have been pretty strong, so it'd be more a case of growth moderating," said Colin Cieszynski, chief market strategist, SIA Wealth.
Limiting further advances were healthcare stocks down 0.9%, dragged by a 6.5% slide in Canopy Growth Corp after the pot producer pushed back its target for positive adjusted EBITDA, citing domestic supply challenges and a delayed revenue ramp in the United States.
Highlights
Automobile parts marker Martinrea International Inc , down 8.8% was the biggest percentage decliner on the index following a downbeat third quarter results.
The TSX posted 18 new 52-week highs and one new low.
Across all Canadian issues there were 132 new 52-week highs and 10 new lows, with total volume of 42.52 million shares.